According to analysts and professionals in the cryptocurrency sector, Bitcoin (BTC) could still hit new all-time highs this year. This time, Alex Mashinky, the CEO of Celsius Network, stated that Bitcoin and Ethereum (ETH) could reach new highs this year. This comes after the price of Bitcoin fluctuated between $35,500 and $48,000 for several months.
Bitcoin may set new all-time highs in the near future.
According to Alex Mashinsky, Bitcoin may reach $70,000 this year, while Ethereum may reach $4,500. This suggests that in the following weeks and months, the two leading cryptocurrencies may rise higher. If that happens, other cryptocurrencies may follow BTC and ETH’s lead.
It may also be tough to return to past lows, according to Mashinsky. Indeed, Bitcoin has been trading in a range that appears to be a definite accumulation period since the beginning of the year. Despite the market’s FUD, the conflict in Ukraine, and rising interest rates, Bitcoin has remained pretty stable.
He indicated throughout the meeting that these two issues (the crisis in Ukraine and increasing interest rates) could create selling pressure on Bitcoin and drive the price down in the future. Ending the conflict in Ukraine could help to alleviate several of the market’s present problems, such as rising energy and food costs.
If this occurs, we may see a slower rate of interest rate adjustment in the next months, which would be beneficial to Bitcoin and the whole crypto market. Nonetheless, the battle continues, and it does not appear to be ending anytime soon.
Let’s not forget that Bitcoin is expected to have a very good year in 2021. In January 2021, the virtual currency was valued at less than $20,000. However, by November 2021, it had risen to $69,000. Despite the fact that it may be tough for Bitcoin to reach new all-time highs. Also, it does have the ability to continue on its upward trajectory.
Bitcoin has a price per coin of $40,680 at the time of writing this report, down 1.89 percent in the last 24 hours.
Furthermore, the virtual currency has a $773 billion market capitalization. Ethereum, on the other hand, is currently trading for around $3,010 and has a market capitalization of $363 billion.
It will only be a matter of time before these two virtual currencies begin a new bull trend in the near future.
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